Etihad Atheeb reports annual operating profit of $15.46mln and net profit of $11.2mln

Etihad Atheeb reports annual operating profit of $15.46mln and net profit of $11.2mln

Saudi Arabia - GO Telecom Company (Etihad Atheeb) announced its financial results for the financial year ending on March 31, 2023, which showed positive performance and continued improvement in the company's financial and operational performance, transforming the company to profitability, clearing all accumulated losses, and achieving retained profits. The company attributed these positive results to continuing the implementation its transformation strategy.

The company's financial results revealed that revenues amounted to SAR 630.3 million, a growth rate of 67%, and total profit amounted to SAR 182.7 million, an increase of 99%, and an unprecedented annual net profit of SAR 42 million, compared to losses of SAR 37.7 million for the previous financial year, which represents an increase of 211%.

GO Telecom indicates that these annual results reflect the positive development of the company's operational performance as a result of implementing the company's transformation strategy, which includes infrastructure modernization, improving customer experience, and providing innovative solutions and products to meet the Saudi market needs. The strategy execution contributed to the revenue increase driven by the growth of the business segment, where the company recently announced signing major contracts with various government entities. These contracts demonstrated the company's ability to keep pace with the developments